Tax Reform Brings More Good News to North Carolina Workers

Two days and three big examples of the benefits of the Tax Cuts and Jobs Act. On Wednesday, Thermo Fisher Scientific announced additional investments benefiting its colleagues, customers, and communities because of the savings they have received through the historic tax reform package signed into law last December. Then on Thursday, Lowe’s Home Improvement and Duke Energy announced they would be passing tax cut savings to employees and customers through benefits, bonuses, and lower prices.

Thanks to the Tax Cuts and Jobs Act Thermo Fisher Scientific will make investments totaling $50 million which includes giving 68,000 employees a one-time $500 bonus and investing an additional $16 million in R&D and STEM research. These bonuses and investments will directly benefit employees at Thermo Fisher’s facilities in Asheville, Charlotte, and the Research Triangle.

Lowe's Home Improvement plans to use the savings it received from tax reform with one-time bonuses of up to $1,000 for its more than 260,000 hourly employees and to enhance benefits, including expanded maternity and paternal leave. The 24,000 Lowe's employees working in North Carolina will be among those who feel the positive impact of this announcement.

Duke Energy has announced plans to pass its Tax Cuts and Jobs Act savings directly to its customers. The energy company will be helping North Carolina customers by reducing prices in the short term and using the tax cut savings to offset future rate increases.

“Since the Tax Cuts and Jobs Act became law in December, we’ve seen hundreds of companies announce plans to pass their tax savings along to American workers and consumers,” said Congressman Patrick McHenry. “These three announcements are just the latest examples of the significant benefits western North Carolinians will see thanks to this landmark legislation.”

Thermo Fisher, Lowe's, and Duke Energy join the over 200 companies who are proof that tax reform is helping our economy grow and giving hardworking Americans the tax relief they deserve. Click here for a complete list—compiled by House Majority Whip Steve Scalise (LA-01)—of other businesses providing bonuses and making investments in their communities because of the Tax Cuts and Jobs Act.

To see the complete announcement for each company, click here for Thermo Fisher, click here for Lowe's Home Improvement, and click here for Duke Energy.